Banking News

The Financial Stability Board is a group of regulators from across the globe. It has started reviewing the benchmarks for foreign exchange following recent allegations that traders had colluded to fix rates in the currency market that moves $5.3 trillion per day. The FSB has a group reviewing the process by which the foreign exchange […]

Banks in China have launched an array of online products for wealth management, as they attempt to compete against Alibaba, the giant of e-commerce that has a very popular investing platform online called Yu’e Bao that pays its users up to 17 times the usual standard interest rate. At the start of the year, several […]

The Canadian government has been very sensible in its regulation of the pay day loan industry. Now other countries, like the UK, are holding Canada out as a shining example of how to get it right when it comes to regulating this industry. One of Canada’s main controls is that it has an active trade […]

Roth IRA’s first became available as a retirement investment tool in 1998. The Roth IRA was named after the late Senator William Roth who sponsored the legislation for this investment product. Roth IRA’s are perhaps best known for being a retirement plan that offers individuals the benefit of tax free growth. Sometimes mistaken for a […]

Bank of America (BAC) announced Tuesday a reorganization of its management as its presidents of global wealth management and consumer banking both stepped down, while two others were promoted to newly created positions. The news comes as just the latest shakeup at Bank of America, where continued legal liabilities and poor stock performance have help […]

The world market has seen some incredibly turbulent times in the last few years. AS things have started to level out the countries begin to pick up the pieces of a shattered market, some road bumps have proven to risk throwing everything back into a downward spiral. Spain and Greece’s economic woes have risked throwing […]

Some customer’s of Bank of America (NYSE: BAC) may receive new debit cards in the mail, as their personal information and account details may have been compromised. The bank is not releasing details as to how much data was compromised, but that the corporation has discovered irregular activities involving the debit cards issued by the […]

A growing number of online startups are beginning to use technology to offer services previously limited to banking institutions. Now these startups are offering the same or similar services at lower prices because of lower overhead and staffing costs. One of the largest of these new companies is Prosper, a peer to peer lending exchange […]

Is a proxy fight brewing at Wells Fargo (NYSE: WFC)? It may be too early to tell, but maybe. The San Francisco based banking giant has been forced to vigorously defend its slate of candidates to serve on the board after two proxy advisory services recommended investors vote against certain candidates. The Rockville, MD based […]

The game of musical chairs on Wall Street continues to go on. Earlier this week JP Morgan Chase (NYSE: JPM) Announced significant hiring plans across the business, and Citigroup (NYSE: C) followed with large expansion plans of their own. But, as banks continue to reshape and prepare for new business opportunities, there are few with […]

Major banks are facing increased scrutiny in the EU, where a competition watchdog is investigating their practices, as well as a financial data firm and a clearing house, in the market for credit default swaps. During the financial crisis, a common criticism arose that there was a lack of transparency. The two probes launched are […]

As the summer travel season is nearly upon us, consumers are worried about the prospects of rising gasoline prices. With speculators expecting further volatility in the middle east, many fear gas prices will continue to inch higher and have a severe impact on disposable person income. This uncertainty may be coupled with fundamental issues as […]

Against all odds, AIG (NYSE: AIG) was able to survive the financial crisis of 2008 (thanks to large cash infusions from the government.) Now though, their attention has to turned from surviving to going after some of the losses with a goal to return some profitability. Recently, AIG sued two money management firms in a […]

The U.S. banking industry has become highly fragmented over the past few years. As many of the large banks change their business models to target new opportunities, most have the same goal: more wealthy customers. The theory goes that banking is still a relationship business, so if a bank is able to attract the personal […]